Operator: Good day, ladies and gentlemen, we are currently awaiting the arrival and we are starting today’s Signet Jewelers Third Quarter Results Conference Call. For your information, today's conference is being recorded. At this time I would like to turn the conference over to your host today, Mr. Terry Burman. Please go ahead, sir.

Terry Burman - CEO: Thank you, operator. Good morning and welcome to the conference call for Signet's third quarter of fiscal 2011. I'm Terry Burman, Chief Executive and with me is Ron Ristau, our CFO. The presentation deck we will be talking to is available from the webcast section of the Company website, www.signetjewelers.com.

Before I go through our operating review, Ron will give the Safe Harbor statement and review the financial performance. Please note that we’ll not be commenting on the fourth quarter during this call. Ron?

Ron Ristau - CFO: Thank you, Terry. During today's call we will, in places, discuss Signet's business outlook and make certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially.

We urge you to read the risk factors and cautionary language in Signet Jewelers’ Annual Report on Form 10-K filed with the SEC on March 30, 2010, which can be found on the Company’s website at www.signetjewelers.com.

Additionally, certain financial information used during this call are considered to be non-GAAP financial measures. For a reconciliation of this information to the most directly comparable GAAP financial measures, please refer to the Company’s release dated November 23, 2010, available on the latest news section of Signet’s website.

We are delighted with our third quarter results, reflecting the ongoing success of our competitive advantages and strong balance sheet.

In particular, total Signet same store sales were up by 7.2%, led by the 9.7% U.S. comp store growth. This performance drove an increase in operating margin of 390 basis points, and have returned to third quarter profitability.

Following these results, we have raised our outlook for free cash flow to the high end of our previous guidance that is $225 million to $275 million, before prepayment of the private placement notes and the resulting $47 million Make Whole payment.

Total sales for Signet increased to $641.8 million in the third quarter of fiscal 2011, compared to $611.4 million in the third quarter last year. Total company comparable store sales for the quarter increased by 7.2%, versus a decline of 1.8% in the prior year.

In the U.S., sales increased to $497 million primarily reflecting a comparable store sales increase of 9.7%. In the U.K., sales declined to $144.8 million reflecting a comp store sales decline of 0.6%, currency fluctuations, and the impact of space.

Year-to-date, sales were $ 2,166,900,000 compared to $2,076,800,000 in the year-to-date last year. Total Company comparable store sales for the year-to-date increased by 5.8% versus a decline of 3.4% in the prior year.

Transcript Call Date 11/23/2010

Operator: Rick Patel, Banc of America Merrill Lynch.

Rick Patel - Banc of America Merrill Lynch: Can you update us on how the charm bracelet category performed versus the first half of the year. I’m just wondering if the growth there was relatively steady or if you saw it decelerate? Can you talk about how the Charmed Memories brand performed at Kay and whether you’re seeing any cannibalization with Pandora sales?

Terry Burman - CEO: The Pandora range of merchandise in Jared, continued to perform very well all through the year. It’s been strong and remained very strong. In terms of Charmed Memories, we’re very pleased with the results. It's just been enrolled out to all stores in the last – rollout has been completed in the last 30 to 45 days. It’s meeting our expectation, we’re pleased and we’re not – we wouldn’t notice if there was cannibalization, because we don’t have a steady baseline Rick, because of the fact that we just rolled it out to all stores. It’s meeting our expectation.

Rick Patel - Banc of America Merrill Lynch: Then can you give us a little bit more detail on your marketing plans for this holiday perhaps characterize just how much marketing expense will be up in the fourth quarter. I’m wondering if the incremental spend will be mostly on TV or whether you’re looking at other channels of communication?

Terry Burman - CEO: We enhanced – well it'd be up about from that which we originally planned about $9 million because of our strong sales increase, our advertising ratio was slipping below our targeted levels. As you know, we target 6.5%, 7% of gross sales for advertising and a couple of years ago as we were reducing expenses, it fell somewhat below that. With our strong sales, it was falling even below last year. So, we put some additional juice into the fourth quarter, about $9 million, which will keep our advertising expense broadly level in the U.S. to the prior year and that will be spent on, we increased some direct mail, we increased some Internet advertising. When I say Internet advertising, some messages to our customer base, and then most of that advertising, however, went into, or the majority of it went into increased TV weight.

Operator: Jeff Stein, Soleil Securities.

Jeff Stein - Soleil Securities: Terry, you've been holding your selling space growth flat to slightly negative for several years now. With the strength you're seeing in the business, are you guys prepared to begin to think about ramping it up in 2011?

Terry Burman - CEO: Yes, Jeff, we increased our targeted store openings in the U.S. to 25. That should keep us at least level of we can hit that number in terms of space growth and in terms of – in total space. It depends on how it mixes out between Kay and Jared. As you know, developers have really reduced their level of development. So it's more difficult to find locations, but we have increased the number of stores that we're planning on opening for next year.

Jeff Stein - Soleil Securities: Any thoughts at this point in terms of the mix between – if you could meet your target, would it be more skewed to Jared or Kay?

Terry Burman - CEO: Well, in terms of units, it will be more skewed to Kay, but in terms of space with Jared being about four times many, you're talking some place in – of those 25 some place in the range of up to 10, Jared I think it would be unlikely that we find – it will be between 5 and 10 Jared stores.